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ECB resists calls to do more for eurozone

Business staff

May 3 2012, 1:01am, The Times

Protesters march in Berlin. Tens of thousands took to the streets during May Day demonstrations over jobs cutsCarsten Koall/Getty

1530 US service companies, which employ about 90 per cent of the work force, expanded more slowly in April. Companies saw less growth in new orders and hired at a weaker pace. The Institute for Supply Management says its index of non-manufacturing activity dropped to 53.5 last month from 56 in March. Any reading above 50 indicates expansion.

The ISM’s survey covers all sectors outside of manufacturing. That includes retail, construction, financial services, health care, and hotels. The slowdown in services comes as consumers have reined in their spending a bit. Consumer spending rose in March, but by much less than in the two previous months.

1430 More from the ECB press conference: Mr Draghi was asked if he understood the anger of young people…